Archive for the ‘Current Events’ Category

Tax Season Never Ends

Posted on October 13th, 2014 by by George Ashley

Although the final extension date for 2013 hits this week, prudent taxpayers are already planning for their 2014 tax bite, as year end approaches.  Following are a couple of observations which may be of interest. Remember that long-term capital gain income is favorably taxed in comparison to “ordinary” income.  The rate most folks recognize is […]

Revenooers Reiterate Tax Scam Warnings

Posted on September 8th, 2014 by by George Ashley

All of a sudden, IRS has their hair on fire over the matter of tax scams. On August 28, they issued another advisory on the matter, warning of “tax scams, frivolous claims and abusive schemes.” How nice. In their consumer alert, IRS warns folks about phony telephone callers, and convincing-sounding “con artists.” In another self-aggrandizing […]

It Finally Happened: IRS Won’t Take Cash!

Posted on July 29th, 2014 by by George Ashley

No – not because Obama has so devalued your greenbacks. It’s just a matter of procedure, you see – one of those great innovations of our time:  the electronic payment scheme which the Revenooers just can’t seem to live without. That’s how Allgreens got whipsawed, anyway, prompting a trip to meet the Revenooers in the […]

Taxpayer Advocate Not Thrilled With IRS Performance

Posted on July 21st, 2014 by by George Ashley

The National Taxpayer Advocate recently released her mid-year report to Congress, discussing just how the Revenooers are doing this year.  Some good; some bad. On the positive side, the Advocate observed what a good thing it was that IRS has adopted a Taxpayer Bill of Rights (TBOR).  The Advocate had long recommended that this be […]

IRS Gets Strategic

Posted on July 7th, 2014 by by George Ashley

At least that’s what they would have you think.  And presumably one of the reasons for the recent publication of their “Strategic Plan FY 2014-2017.” Consider a few of their “core values.” Honesty and Integrity – We uphold the public trust in all that we do; we are honest and forthright in all of our […]

Report Those Foreign Accounts Lest Uncle Sam Take the Dough!

Posted on June 2nd, 2014 by by George Ashley

Make sure you file the appropriate documents by June 30, if you have one or more foreign financial accounts – lest the Revenooers catch up with you, impose astronomical fines, and maybe even throw you in the slammer! And the fines, believe it or not, could possibly exceed the value of the account(s)! So recently […]

Ninth Circuit Slaps Down Another Gambler

Posted on March 17th, 2014 by by George Ashley

And a CPA gambler at that!  Horrors! In any case, here comes Shiraz N. Lakhani, et al v. Commissioner –  a case which went all the way up to the Ninth Circus Court of Appeals, which concluded that old Shiraz was all wet in claiming some gambling losses arising from a bunch of bets he […]

All That Glitters…

Posted on March 3rd, 2014 by by George Ashley

Isn’t necessarily gold, but tax due to Uncle Sam and Jerry Brown! That’s what the “anonymous” Northern California couple who stumbled across $10 million of the stuff under a tree in their yard is quickly finding out. They may think it a lucky find – indeed it was, but true to form, the government long […]

Day Traders: Beware!

Posted on November 18th, 2013 by by George Ashley

              In times past, stock market activity like we have witnessed of late seems to have attracted lots of folks’ attention – thinking that anybody can make money when the market starts zooming.  And so, many set up shop as so-called “day traders,” and start trading away, eventually to convince themselves that they are […]

Venture Investors Running Out of Time

Posted on November 11th, 2013 by by George Ashley

Unless Congress acts – and with alacrity (historically almost unheard of) – folks who invest in certain small corporations and want to take advantage of a freebie when they sell out must make those investments before December 31, 2013. That’s because present law allows exclusion of 100% of gains realized from the sale of stock […]

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